First National Corp. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2012. Net income for the fourth quarter of 2012 totaled $966,000 compared to a net loss of $8.1 million for the same period in 2011. After the effective dividend on preferred stock, net income available to common shareholders totaled $740,000 or $0.15 per basic and diluted share for the fourth quarter of 2012, compared to a net loss available to common shareholders of $8.4 million or $2.82 per basic and diluted share for the same period of 2011. Return on average assets was 0.73% and return on average equity was 8.57% for the fourth quarter of 2012, compared to -6.03% and -73.99%, respectively, for the fourth quarter of 2011. Net interest income totaled $4.7 million for the fourth quarter of 2012 compared to $5.1 million for the same period one year ago. Income before income taxes was $1 million against loss before income taxes of $2.6 million for the same period last year.

For the year ended December 31, 2012, net income totaled $2.8 million, which was a dramatic improvement compared to a net loss of $11.0 million for the same period in 2011. For the year ended December 31, 2012, net income available to common shareholders totaled $1.9 million or $0.49 per basic and diluted share, compared to net loss available to common shareholders of $11.9 million or $4.01 per basic and diluted share for the same period of 2011. Net interest income was $19.3 million compared to $20.2 million for same period in 2011. Income before income taxes was $3.8 million against loss before income taxes of $7.1 million for the last year. Return on average assets and return on average equity were 0.54% and 6.85% against negative 1.96% and 22.46% of prior year.